Air France-KLM Narrows Full Year Loss
February 19, 2015
Air France-KLM on Thursday reported a narrower net loss of EUR€198 million due to changes in Dutch pension rules and a gain on the sale of shares in the Amadeus booking system.
Group revenue fell 2.4 percent in 2014 to EUR€24.912 billion despite a 1.3 percent increase in passenger numbers.
EBITDA earnings fell by EUR€266 million to EUR€1.589 billion, weighed down by the impact of the recent pilot strike.
Air France-KLM is accelerating cost cuts and deferring debt reduction goals as pressure on revenues and a weak euro threaten to dampen the benefits of lower oil prices this year.
Although lower oil prices have boosted airline balance sheets worldwide, the group expressed concerns about currency swings and overcapacity in some long-haul markets, which come on the heels of a costly Air France pilots strike.
The Franco-Dutch group said it would bolster its recently launched Perform 2020 strategic plan, by reducing investments by EUR€300 million a year in both 2015 and 2016, and confirmed the equivalent of 800 further job losses through voluntary measures.
It revised up its unit cost reduction target for 2015-17 to an average of 1.5 percent a year, instead of a previous goal of between 1 and 1.5 percent a year.
For 2015, the group intends to cut unit costs by 1 to 1.3 percent, saving EUR€250 million - EUR€300 million.
It now targets net debt of EUR€5 billion at the end of 2015, rather than EUR€4.5 billion targeted previously, and down from an actual level of EUR€5.41 billion at the end of 2014.
It eased its medium-target target for the ratio of net debt to gross operating profit before lease rentals (EBITDAR) to around 2.5 from 2017, compared with a previous target of below 2.5.
"With the way we see the market developing, except for the North Atlantic, we are being very, very cautious," chief executive Alexandre de Juniac told journalists.
Air France-KLM, 15.9-percent owned by the French state and 6.8 percent by staff, has not paid a dividend since 2007-08.
(Reuters)
Qui il documento pdf dei risultati annuali AFKL:
http://www.airfranceklm.com/sites/default/files/communiques/2014-q4_press_release_en_def.pdf
February 19, 2015
Air France-KLM on Thursday reported a narrower net loss of EUR€198 million due to changes in Dutch pension rules and a gain on the sale of shares in the Amadeus booking system.
Group revenue fell 2.4 percent in 2014 to EUR€24.912 billion despite a 1.3 percent increase in passenger numbers.
EBITDA earnings fell by EUR€266 million to EUR€1.589 billion, weighed down by the impact of the recent pilot strike.
Air France-KLM is accelerating cost cuts and deferring debt reduction goals as pressure on revenues and a weak euro threaten to dampen the benefits of lower oil prices this year.
Although lower oil prices have boosted airline balance sheets worldwide, the group expressed concerns about currency swings and overcapacity in some long-haul markets, which come on the heels of a costly Air France pilots strike.
The Franco-Dutch group said it would bolster its recently launched Perform 2020 strategic plan, by reducing investments by EUR€300 million a year in both 2015 and 2016, and confirmed the equivalent of 800 further job losses through voluntary measures.
It revised up its unit cost reduction target for 2015-17 to an average of 1.5 percent a year, instead of a previous goal of between 1 and 1.5 percent a year.
For 2015, the group intends to cut unit costs by 1 to 1.3 percent, saving EUR€250 million - EUR€300 million.
It now targets net debt of EUR€5 billion at the end of 2015, rather than EUR€4.5 billion targeted previously, and down from an actual level of EUR€5.41 billion at the end of 2014.
It eased its medium-target target for the ratio of net debt to gross operating profit before lease rentals (EBITDAR) to around 2.5 from 2017, compared with a previous target of below 2.5.
"With the way we see the market developing, except for the North Atlantic, we are being very, very cautious," chief executive Alexandre de Juniac told journalists.
Air France-KLM, 15.9-percent owned by the French state and 6.8 percent by staff, has not paid a dividend since 2007-08.
(Reuters)
Qui il documento pdf dei risultati annuali AFKL:
http://www.airfranceklm.com/sites/default/files/communiques/2014-q4_press_release_en_def.pdf
